• Economics,  Natiionalism

    Rebuilding the European Union

    The European Union is in danger of collapse for one basic reason. That reason is that political control is not related to the member states’ economic performance. It you compare it to a family, the kids have access to their parents’ credit cards. The damage was caused in two ways. On the one hand, bankers in France and Germany found they could provide hard currency (the Euro) to countries with a lower GDP allowing them to buy goods made in France and Germany. In effect, the difference between their actual economic performance and the one reflected in the currency was a loan. When these subsequently couldn’t be paid off, the…